First of all, I want to thank everyone here, moderators and members that have posted before. I have lived through my own silent hell on this and now feel it is the time to post after reading through everone else's contributions!!
Ok, so here we go......got the intent to sell foreclosure letter in October with my original sale date of December 26th (Merry Christmas!!).
I have been working with one person, his name is Michael as my Workout Negotiator. They got the sale stopped (whew!!) and asked for all of the normal paperwork everyone else is asking for.
I had to wait until just before Christmas to have them say that they were modifying my loan to 5% fixed ( I currently am in a 6.75% interest only, payment of $1675, not including T&I) no upfront payments due and that my first payment would be due in February.
Mind you, I was elated that they were willing to work with me (single mom, soooo determined not to lose her house )....so I rejected their first offer...it was so quick!! Almost like, hmmm, she's a single mom, that should sound good to her...I asked them to come back with something more affordable. (I really expected them to say....sorry sister it's all or nothing.) Micheal told me that he would call me back.
2 days later....2nd offer....a step rate...3.5% for the first year, 4.5% for the 2nd year and 5.5% for the remainder of the loan. Again, this would have worked for me, and I liked the new lower payments for the first 2 years, but wasn't so hot on the 5.5% for the remainder. So I countered.....
I told him 3.0% for two years, 4.0% for two years, and then 5.0% for the rest of the loan....after all, they were still playing ball, right??
Final answer (which I jumped on BTW)....
3.5% for two years
4.0% for two years
4.5% for one year
5.25% for the remainder of the loan, all percentages including PITI......
I am waiting for the paperwork to arrive, so I hope this wasn't all a dream!! Wish me luck!!
PS- ***....did I do good???
